Stocks fall as yields shoot higher, Nasdaq retreats from record: Live updates

U.S. equities fell Wednesday as Treasury yields climbed, stoking concerns the Federal Reserve may deliver additional interest rate hikes. The S&P 500 dropped, reversing course after the Nasdaq Composite closed at a record Tuesday on the heels of a fresh all-time intraday high.

The selloff came as investors reassessed the path of monetary policy, with rising yields pressuring equity valuations. Tuesday's Nasdaq record marked a milestone before the Wednesday retreat, underscoring the market's sensitivity to rate expectations. The move higher in Treasury yields has reignited debate over whether the Fed's tightening cycle is complete or if further hikes remain on the table.

Macro-focused traders are watching yield curves and Fed communications closely as rate uncertainty weighs on risk appetite. The contrast between Tuesday's record close and Wednesday's pullback highlights the fragility of momentum in the current environment.